SB 111 Recordation and Transfer Taxes · SENATE BILL 111: RECORDATION AND TRANSFER TAXES –...
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Transcript of SB 111 Recordation and Transfer Taxes · SENATE BILL 111: RECORDATION AND TRANSFER TAXES –...
GigiGodwin,PresidentandCEO
MontgomeryCountyChamberofCommerce51MonroeStreet,Suite1800Rockville,MD20850
301-738-0015www.mcccmd.com
SENATE BILL 111: RECORDATION AND TRANSFER TAXES – EXEMPTIONS – PROPERTY CONVEYED FROM SOLE PROPRIETORSHIP TO LIMITED
LIABILITY COMPANY
BUDGET AND TAXATION COMMITTEE
FEBRUARY 1, 2017
SUPPORT TheMontgomeryCountyChamberofCommerce("MCCC"),asthevoiceofMontgomeryCountybusiness,supportsSenateBill111,whichexemptsatransferofrealpropertyfromasoleproprietorshiptoalimitedliabilitycompanyfromrecordationandtransfertaxesifthesolememberofthelimitedliabilitycompanyisidenticaltotheconvertingsoleproprietorandspecifiedotherconditionsaremet;andprovidingthatthetransferofacontrollinginterestinalimitedliabilitycompanythatistheproductofanuntaxedconversionfromasoleproprietorshipissubjecttotherecordationandtransfertaxunderspecifiedcircumstances.EconomiccompetitivenessisakeyareaoffocusforMCCCinpursuitofacceleratingthesuccessofourmembers.GiventherecentincreaseintheMontgomeryCountyrecordationtax,webelieveitisimportanttoavoidpenalizinganindividualwho,foravarietyofreasons,wouldneedtotransferrealpropertyfromasoleproprietorshiptoalimitedliabilitycompany.Forthesereasons,werequestafavorablereportonSenateBill111.
TheMontgomeryCountyChamberofCommerce(MCCC)acceleratesthesuccessofourmembersbyadvocatingforincreasedbusinessopportunities,strategicinvestmentininfrastructureandbalancedtax
reformtoadvanceMetroMarylandasaregional,nationalandgloballocationforbusinesssuccess.Establishedin1959,MCCCisanindependentnon-profitmembershiporganizationandisproudtobea
MontgomeryCountyGreenCertifiedBusiness.
To Lead, Advocate and Connect as the Voice of Business